The Final BitLicense: Revisions and Reactions From The Industry

Statue of Liberty seen from the Circle Line ferry, Manhattan, New YorkStatue of Liberty seen from the Circle Line ferry, Manhattan, New York

Recently, Ben Lawsky, the Superintendent of the New York Department of Financial Services (NYDFS) released the final draft of the infamous BitLicense. This piece of regulation would place a set of restrictive requirements upon Bitcoin businesses operating in new york. The most controversial of the code’s stipulations include fingerprinting company employees, monitoring customer activity, and strict capital requirements.

Also read: Bitcoinist Assistant Editor’s Formal BitLicense Comment

Bitcoinist BitLicenseBitcoinist BitLicense

NYDFS superintendent Ben Lawsky

This final version of BitLicense is the third draft of the bill, the result of modifications made to two previous versions. Most of the revisions that happened in the first two drafts clarified vague language that could have been used to make BitLicense necessarily strict. The most celebrated of these revisions was an explicit exemption for developers, which allows them to work on their projects in New York without any regulatory burdens.

Despite two rounds of revisions, BitLicense still

Read more ... source: Bitcoinist